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China-led new infrastructure bank puts ADB on defensive

Beijing-headquartered AIIB is likely to begin operations in 2015 with an authorised capital of US$100b

Mon, Oct 27, 2014 - 5:50 AM

Mr Lou (right) toasts with the guests of the signing ceremony of the Asian Infrastructure Investment Bank memorandum of understanding in Beijing.

PHOTO: REUTERS

Tokyo

THE Asian Development Bank (ADB) has been thrown onto the defensive by last Friday's signing in Beijing of a memorandum of understanding (MOU) among more than a score of countries to set up a new China-led Asian Infrastructure Investment Bank (AIIB) which could develop into a